What are the functions of a bank ?..
Answers
The main function of banks are accepting deposits from the public and advancing them loans.
However, besides these functions there are many other functions which these banks perform. All these functions can be divided under the following heads:
1. Accepting deposits
2. Giving loans
3. Overdraft
4. Discounting of Bills of Exchange
5. Investment of Funds
6. Agency Functions
7. Miscellaneous Functions
hey
gd evng
here is your answer
(Banks here I mean Retail, Commercial and Investment Banks)
Some of the purposes of banks are:
1.Money Parking: You can safely deposit your surplus money in banks and also earn a little interest on it.
2. Loans: You can take money whenever you are in need in the form of different loans(personal/overdraft etc). It also sometimes lends money to the government.
3.Insurances: You can buy insurance covers for your life, property, health from your banks.
4.Transfer/Remittance: You can send money to anyone living in any parts of the world safely via a bank.
5.Investments: Banks also looks after your investments. It can be mutual funds or personalized investments(mainly for HNI).
6. Adviser to the government: Banks having terabytes of information can helps the government in framing policies.
7.Corporate Affair: Banks play a very important roles in corporate firms. From distributing payrolls every months to acquisitions/mergers to IPO offerings.
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